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Food News


THIS SECTION IS FOR NEWS AND INTERESTING STORIES RELATED TO FOOD, NUTRITION AND FOOD PROCESSING. THEY ARE NOT NECESSARILY RELATED TO KOSHER BUT MAY BE OF INTEREST TO THE KOSHER CONSUMER, MANUFACTURER OR MASHGIACH.

Bumble Bee files for bankruptcy and agrees to sell for $925M

July 29, 2019 - from SeafoodSource:


Bumble Bee loan default forces restructuring

July 29, 2019 - from SeafoodSource:

"U.S.A.-based Bumble Bee Foods has defaulted on its major operating loan."

"Bumble Bee has been in technical default since the end of March 2019, but its lenders have agreed to a forbearance period, allowing the company to continue its efforts to restructure itself to regain its profitability."

"Bumble Bee has struggled to abide by the terms of the loan as it pays off a criminal fine and additional millions in civil settlements for its involvement in a conspiracy to fix the prices of canned tuna sold in the United States between 2011 and 2013. The U.S. Department of Justice agreed to lower the amount of the criminal fine to USD 25 million (EUR 22.8 million) to protect the company from insolvency."

"Bumble Bee refinanced 100 percent of its debt in August 2017, after its guilty plea in the criminal case. At the time, it held a five-year, USD 200 million (EUR 169 million) asset-based revolving credit facility with Wells Fargo Capital Finance acting as the administrative agent, as well as a six-year, USD 650 million (EUR 550 million) loan with Brookfield Principal Credit as the administrative agent."

"The company faces further financial constraints in the form of an agreement with the DOJ that its criminal fine will increase in the event it is sold. "

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